Biotech Startup M-Based Secures Pre-Seed Funding for Eco-Friendly Vegan Leather Production

Biotech Startup M-Based Secures Pre-Seed Funding for Eco-Friendly Vegan Leather Production

By Staff Writer, 31 July 2024

Biotech startup M-Based has secured pre-seed funding from Hatcher+, Sente Ventures, and Fark Labs. The financial terms of the investment remain undisclosed.

M-Based, a local biotechnology company, is pioneering an eco-friendly alternative to traditional animal and petroleum-based artificial leather. Their innovative mushroom-based vegan leather is designed for use in the fashion, automotive, and furniture industries. Committed to environmental and ecological sustainability, M-Based aims to reduce carbon emissions and water consumption significantly.

The startup's unique material is derived from mycelium, the network-like structure of mushrooms. This not only minimizes waste but also helps prevent biodiversity loss.

Görkem Gökoğlu, M-Based’s co-founder and CEO, emphasized the investment’s impact on the company's expansion and research and development efforts. "This funding will enable us to enhance and market our mycelium-based vegan leather technology. With Fark Labs' support, we aim to boost our growth in the sector and promote the adoption of sustainable textiles and eco-friendly materials," he said.

Ahu Serter, founder of Fark Labs, praised M-Based’s innovative approach. "Future-shaping innovations hinge on environmentally friendly and sustainable solutions. M-Based’s mushroom-based vegan leather exemplifies this vision. This technology, which reduces environmental impacts while addressing industry needs, has the potential to drive global change. I am thrilled to collaborate with M-Based and contribute to this transformation," she stated.

Source: Ezgi Collar / Swipeline

Related Report

The Business of Impact Investing in 2023

Impact investing is a form of investing that believes that every dollar invested can make a difference, while producing a profit. Over the past 20 years, impact investing has undergone a remarkable evolution, driven by a confluence of societal, economic, and technological factors. These influences have propelled impact investing into a crucial mechanism for addressing societal needs, traditionally the domain of public funding. In 2022, the impact investing market sat at US$1,146 billion, growing at a healthy compounded annual growth rate (CAGR) of 29% over the last four years. This special report features interviews with thought leaders in the impact investing space, and offers an insightful perspective on the current and future state of impact investing, its challenges and opportunities, and highlights case studies of investors, social enterprises, and the impact they are having on the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems